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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 李存修(Tsunsiou Lee) | |
dc.contributor.author | Changming Jao | en |
dc.contributor.author | 饒昌明 | zh_TW |
dc.date.accessioned | 2021-06-08T06:09:05Z | - |
dc.date.copyright | 2007-07-26 | |
dc.date.issued | 2007 | |
dc.date.submitted | 2007-07-12 | |
dc.identifier.citation | 中文部分﹕
1. 許明煌,TFT-LCD產業之融資決策研究--以友達光電為例,國立政治大學,民國92年。 2. 張壬昕,台灣高科技產業成長模式與融資決策之研究-以TFT LCD產業為例,元智大學,民國94年。 3. 李淑薏,液晶顯示器產業籌資策略與資金成本之分析,國立交通大學,民國94年。 4. 陳在淳 ,我國上櫃電子公司融資策略之研究,大葉大學,民國93年。 5. 李淑貞,台灣科技新創事業的融資策略─以國聯光電為例,國立交通大學,民國91年。 6. 彭學彪,台灣半導體製造廠商融資決策評估模式之建構:模糊層級分析法之應用,國立交通大學,民國89年。 7. 劉興尚 ,台灣上市公司融資決策研究,輔仁大學,民國91年。 8. 陳玉華,台灣資訊電子產業融資決策之研究,銘傳大學,民國92年。 9. 望熙貴,台灣半導體產業競爭策略的探討,國立中央大學,民國91年。 10. 葉秀鳳,兩稅合一與租稅優惠對高科技公司股利政策之影響,國立中山大學,民國90年。 11. 陳金塔,臺灣資訊電子業與紡纖業之資本結構影響因素及最適資本結構之研究--以上市公司為例,國立政治大學,民國84年。 12. 徐俊明,財務管理,民國95年。 英文部分﹕ 1. Aswath Damodarn, Investment Philosophies, 2003. 2. Jason Trennert, New Markets, New Strategies, 2005. p135--139 3. Robert D. Arnott and Clifford S. Asness, Surprise! Higher Dividends = Higher Earnings Growth, Financial Analysts Journal, January- February 2003, p70—87. 4. The Semiconductor Handbook, 2006, Lehman Brothers, p39. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/25324 | - |
dc.description.abstract | 台灣已是世界上半導體產能的重要來源。現成良好的產業基礎與規模,預期未來將繼續在本島內發展﹔實際上,根據已宣佈的公開資訊,在計劃中的12吋半導體晶圓製造廠超過十五座以上。由於半導體的設計與製程技術不斷進步,每座晶圓廠需要投入的總成本將越來越高﹔更不用提現有晶圓製造廠經常性技術升級所必需的資本支出了。因此,國內半導體晶圓製造廠的現有與未來經營上的風險主要是在(1) 技術進步,(2) 經常性資本支出的融資。當每一次的資本支出的基本單位已經成為十億美金左右時,國內半導體晶圓製造廠的融資策略未來益發重要。
本研究經由深入探討半導體產業的特性,以理解半導體晶圓製造廠的資本密集的本質與經常性資本支出的大額資金需求﹔然後探討國內半導體晶圓製造廠的融資策略,尤其是著重DRAM晶圓製造廠融資策略對長期資金的需求,以了解半導體晶圓製造廠所面臨的融資課題與成功融資的條件。 本研究經由融資策略的文獻回顧,並探討國內半導體晶圓製造廠的融資策略後,選擇以國內半導體製造廠中最新的公司,華亞科技,作為個案﹔探討該公司的融資策略,如何籌措到一廠與二廠近新台幣二千億的全部資金,了解其決策邏輯與成功的執行。本研究再研究達成該個案公司最低加權平均資本成本的最適(optimum)資本結構,作為該公司與其他半導體晶圓製造廠未來財務的策略方向。 本研究發現國內半導體製造廠,尤其是DRAM製造廠,的融資策略以現金增資(含GDR)為規劃核心。DRAM製造廠過去仰賴在國內或國際資本市場成功籌措大量的資金,以增加可舉債空間,再搭配以由折舊產生的穩定的自有資金,來支應經常性的資本支出。此結果與融資順位理論的偏好不一致。而個案公司也是仰賴成功發行現金增資與GDR,增加可舉債空間,才造就了其晶圓二廠美金二十三億元的投資。 為評估個案公司的融資策略的優劣,本研究計算出個案公司的加權平均資本成本與相對應的資本結構,發現半導體晶圓製造廠常見的1:1的負債對淨值的資本結構比例並不是個案公司的加權平均資本成本最低廉的最適(optimum) 資本結構比例。個案公司應該降低財務槓桿,以降低整體營運風險﹔因此建議個案公司應進一步降低負債比例以達成成本最低廉的加權平均資本成本。 | zh_TW |
dc.description.abstract | Taiwan has become an important souce of capacity in the global semiconductor industry. To date, the local semiconductor industry’s excellent infrastructure and economy of scope are expected to continue to improve in the future. In fact, based on publicly available information, more than 15 new 12”fabs are currently under planning. However, as semiconductor design and process technologies are constantly improving, the investment amount for each fab is becoming more and more expensive, not to mention the regular capital expenditure needs from existing technology migration. As a result, local semiconductor manufacturers’ present and future business risks lay on (1) technology migration, and (2) funding for regular capital expenditure needs. As the basic investment amount has climbed to the US$1 billion mark, the funding strategies of local semiconductors have become more important than ever.
This research first covered the characteristics of the semiconductor industry to demonstrate the capital-intensive nature of the industry and the large amount of regular capital expenditure needs. Then, the research encompassed the funding strategies of local semiconductor manufacturers, with an emphasis on DRAM manufacturers’ needs for long term capital funds, establishing an understanding of the challenges and conditions for successful fund raising of their funding strategies. This research followed through by reviewing previous thesis paper related to capital structure and local semiconductor manufacturers’ funding strategies. This research covered Inotera Memories Inc., as a case study to evaluate its funding strategy to raise up to NT$200 billion for its fab 1 and 2, its decision logics and successful execution. The optimum capital structure for Inotera to achieve its lowest weighted average cost of capital was examined, in an effort to indicate a strategic direction for the Company and other semiconductor manufacturers. This research uncovered that local semiconductor manufacturers’ funding strategies, especially DRAM manufacturers’ ones, have been dependent on the successful issuance of cash injections (including global deposit receipts). It has been vital for local DRAM manufacturers to successfully raise cash in either local or international capital market which, in turn, effectively increases their debt capacity and, combined with the internally generated funds from deprecation, both to finance the regular capital expenditure needs. The result is different from the preference of the pecking order theory. The case study also indicated a deviation that the successful issuance of seasoned public offering and GDR to increase its debt capacity was imperative to Inotera’s fab 2 investments which will amount to US$2.3 billions. To evaluate Inotera’s funding strategy, this research manifested the result of the calculation of Inotera’s weighted average cost capital, and pointed out that the 1:1 leverage ratio, common to local semiconductor manufacturers, would not achieve the lowest weighted average cost of capital to Inotera. As a rule, local semiconductor manufacturers ought to decrease their financial leverages to decrease their overall business risk. Therefore, the research concluded by suggesting Inotera should decrease its financial leverage to achieve its lowest weighted average cost of capital. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T06:09:05Z (GMT). No. of bitstreams: 1 ntu-96-P91745003-1.pdf: 1137033 bytes, checksum: 5c3cafc51a051807b91dc511a98b8fbb (MD5) Previous issue date: 2007 | en |
dc.description.tableofcontents | 口試委員會審定書 iii
誌 謝 iv 中文摘要 v 圖目錄 11 表目錄 12 第一章 緒論 14 第一節 研究動機與目的 14 第二節 研究內容與範圍 17 第三節 研究流程與方法 19 第二章、文獻探討 21 第一節 相關資本結構理論探討 21 第二節 融資策略的相關研究 23 第三章、半導體晶圓製造廠財務特徵與融資策略特色 26 第一節 投資面特徵 — 經常性資本支出 26 第二節 半導體晶圓製造廠的財務面特徵 33 第三節 半導體晶圓製造廠之融資策略 44 第四章、華亞科技融資策略之探討 52 第一節 個案公司簡介 52 第二節 個案公司一廠投資計畫既融資策略 56 第三節 個案公司二廠投資計畫既融資策略 60 第五章、用CAPM財務理論檢視個案公司的融資策略 78 第一節 資本成本的探討 78 第二節 加權平均資本成本的探討 83 第六章、結論與建議 89 參考文獻 91 附錄 93 | |
dc.language.iso | zh-TW | |
dc.title | 半導體晶圓製造廠融資策略之探討:
華亞科技之個案研究 | zh_TW |
dc.title | Study of the Fund Raising Strategies of Semidonductor Companies: The Case of Inotera Memories Inc. | en |
dc.type | Thesis | |
dc.date.schoolyear | 95-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 朱博勇(Po-Yung Chu),林筠(Yun Lin) | |
dc.subject.keyword | 融資策略,資本結構,加權平均資本成本, | zh_TW |
dc.subject.keyword | Funding Straegy,Capital Structure,Weight Average Cost of Capital, | en |
dc.relation.page | 96 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2007-07-17 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融組 | zh_TW |
顯示於系所單位: | 財務金融組 |
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